Shares of Asian Paints recovered in early trade on Wednesday, May 13, after crude-sensitive stocks had come under pressure in the previous session as Brent crude remained above the $100 per barrel mark.
Asian Paints shares were trading at Rs 2,576.40, up 2.83% or Rs 70.90 as of 9:41 AM. The stock had opened higher and moved in a day range of Rs 2,554.00 to Rs 2,613.70. The previous close stood at Rs 2,505.50.
The stock has a 52-week range of Rs 2,115.00 to Rs 2,985.70. Asian Paints’ market capitalisation stood at Rs 2.47 trillion, while the average volume was 1.21 million. The stock was trading at a P/E ratio of 64.24 and had a dividend yield of 0.97%.
The recovery came after crude-sensitive stocks saw pressure on Tuesday as Brent crude held firmly above the $100 mark and briefly breached $107 per barrel. Higher crude prices tend to impact sectors that are linked to crude derivatives, energy costs and transport expenses.
On Tuesday, state-run oil marketing companies also witnessed selling pressure. Hindustan Petroleum Corporation fell 2.08% to Rs 369.95, down Rs 7.85. Bharat Petroleum Corporation slipped 2.26% to Rs 287.80, losing Rs 6.65, while Indian Oil Corporation declined 2.00% to Rs 137.56, down Rs 2.81.
Asian Paints is also tracked by investors during crude price movements because crude-linked derivatives are important input materials for the paints sector. However, the stock recovered on Wednesday after the previous session’s pressure in crude-sensitive counters.
Overall, Asian Paints shares gained in early trade on May 13, recovering from crude-led concerns seen in the broader market on Tuesday.
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